Panty and Stocking Anarchy are two angels who were kicked out of Heaven because of their bad behavior. They are sent to Daten City, a place located on the edge of Heaven and Hell. Strange monsters called “Ghosts” besiege the city, but the Anarchy sisters wield a variety of mysterious powers, most notably their ability to transform their underwear and stockings into weapons. Under the watchful eye of Reverend Garterbelt, and with their pet zipper-dog Chuck, it's up to Panty and Stocking to destroy these Ghosts, in order to collect enough Heaven Coins to return to Heaven.